Shares in Asia are poised to follow Wall Street gains after U.S. economic reports pointed to slowing growth, adding to bets the Federal Reserve is nearing the end of its tightening cycle.
Equity futures for Japan, Australia and Hong Kong all rose. The S&P 500 advanced for a fourth day Wednesday, extending this week’s gains to 2.5%. The tech-heavy Nasdaq 100 has climbed 3.5% this week.
In China, investors are focused on official purchasing managers index data due Thursday that is forecast to show further weakness in manufacturing and slowing growth in services. In U.S. corporate news, Apple is testing the use of 3D printers to produce smartwatch components.
Meanwhile, Brent crude was trading above $85 a barrel and West Texas Intermediate was above $81-mark. The yield on the 10-year U.S. bond was trading at 4.11% and Bitcoin was below 28,000-level.
At 5:30 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 30 points or 0.15% at 19,479.
India's benchmark stock indices retreated advances to end marginally higher as the market witnessed profit booking in the last hour of trade after logging steady gains through Wednesday. The Sensex ended above the 65,000 mark, whereas the Nifty slipped below the 19,400 level.
Realty and metal sectors rose the most, while banks reversed gains to be the top loser. The Nifty Midcap 100 and Smallcap 100 hit a record high intraday.
Overseas investors turned net sellers of Indian equities on Wednesday. Foreign portfolio investors sold stocks worth Rs 494.68 crore and domestic institutional investors remained net buyers and mopped up equities worth Rs 1,323.24 crore.
The local currency weakened 2 paise to close at Rs 82.73 against the U.S dollar on Wednesday.
Stocks To Watch: BHEL, Ajanta Pharma, Rail Vikas Nigam, Gland Pharma In Focus
Bharat Heavy Electricals: The company has secured an order for setting up 2x800 MW Supercritical Thermal Power Project Stage-II at Lara in Chhattisgarh through international competitive bidding. The deal entails designing, engineering, manufacture, supply, construction, erection, testing and commissioning with civil and structural works for the EPC project.
Rail Vikas Nigam: The company has emerged as the lowest bidder for various projects of Maharashtra Metro Rail Corporation. The total project cost is Rs 256.19 crore.
Ajanta Pharma: The drug maker has received the final approval from U.S. Food and Drug Administration to launch and market Topiramate Extended-Release Capsules of doses 25 mg, 50 mg, 100 mg and 200 mg. Topiramate is the generic version of Supernus Pharmaceuticals Inc’s Trokendi XR. Ajanta can launch Topiramate on Feb. 1, 2026 or earlier under certain circumstances.
DreamFolks Services: The airport service aggregator has entered into a partnership with one of the leading Visa service providers to offer premium lounges at Visa centers and Doorstep Visa services.
Gensol Engineering: The company received in-principle approval from NSE to issue 4.05 lakh equity shares at a price not less than Rs 1,480.08 to non-promoter on a preferential basis pursuant to share swap basis.
Andhra Paper: Andhra Pradesh Pollution Control Board has approved Consent to Operate (CTO) and Hazardous Waste Authorization (HWA) to include Precipitated Calcium Carbonate process to ensure efficient carbon capture and reuse which will reduce carbon emission. This process yields lower paper production cost and improves the paper opacity, bulk and brightness. There is no additional paper and pulp production capacity increase.
Mahindra Logistics: The company named Saurabh Taneja as chief financial officer with effect from Sept. 1.
IPO Offerings
Rishabh Instruments: The energy-efficiency solutions provider launched its initial public offering on Aug. 30 to raise Rs 490.8 crore. The IPO was subscribed 73% on the first day of subscription led by demand from non-institutional investors subscribed 1.24 times, followed by retail investors at 0.92 times or 92%, while institutional investors subscribed 0.01 times or 1%. The fresh issue consists of 17 lakh equity shares aggregating to Rs 75 crore, and the OFS includes 94,28,178 shares aggregating to Rs 415.8 crore. The price band is fixed in the range of Rs 418–441 per share.
Listings
Aeroflex Industries: The 351-crore initial public offering of Aeroflex Industries was fully subscribed on the first day. It was subscribed 6.71 times on day 1 and 21.10 times on day 2, while it was subscribed 97.11 times on day 3. The IPO of the manufacturer of stainless-steel hoses included a fresh issue of Rs 162 crore and an offer for sale of Rs 189 crore by the promoter group at a price band of Rs 102–108 apiece.
Bulk Deals
Zee Entertainment: Quant Mutual Fund sold 3.9 lakh shares (0.5%) for Rs 437.59 apiece.
Hindustan Construction: HRTI Private bought 1.24 crore shares (0.82%) and sold 1.29 crore shares (0.86%) for Rs 28.77 apiece and 28.72 apiece respectively.
Rattan India Power: ABARC-AST-002-Trust (Aditya Birla ARC) sold 4.1 crore (0.75%) at Rs 6.25 apiece.
Shakti Pumps: NK Securities Research, QE Securities and Graviton Research Capital sold 1.56 lakh (0.85%), 1.08 lakh (0.59%) and 2.03 lakh shares (1.11%) for Rs 821.04, Rs 817.02 and Rs 801.74 apiece respectively.
Spandana Sphoorty Financial: Valient's Mauritius and India Fund combined sold 34.99 lakh shares (4.93%) at Rs 765.00-Rs 765.38 apiece. Max Life Insurance Company funds combined bought 13.53 lakh shares (1.90%) at Rs 765 apiece. Kotak Mahindra Life Insurance Company fund bought 9.25 lakh shares (1.30%) at Rs 765 each.
Block Deals
Zomato: SVF Growth (Singapore) sold 10 crore shares (1.17%) for Rs 94.7 apiece. Morgan Stanley Asia and Societe Generale bought 2.22 lakh (0.26%) and 2.27 lakh (0.27%) for 94.7 apiece. Axis Mutual Fund bought 52.4 lakh shares at the same price. Other buyers include Goldmach Sachs, Franklin Tempelton Mutual Fund, Kotak Mahindra AMC, BNP Paribas, and Invesco Mutual Fund among others.
Pledge Share Details
Shilpa Medicare: Promoter Group Deepak Kumar Innani created a pledge on 4 lakh shares on Aug. 25
Apollo Hospitals Enterprise: Promoter K Visweshwar Reddy revoked a pledge on 2.3 lakh shares on Aug. 29.
Insider Trades
Steel Strips Wheels: Promoter Sunena Garg sold 6.46 lakh shares on Aug. 28.
Trading Tweaks
Price Band Revised From 10% to 5%: Electronics Mart India, JBM Auto, Centum Electronics.
Price Band Revised From 20% to 10%: Gokaldas Exports.
Ex-Date AGM: eClerx Services, NMDC Steel, Baid Finserv, Jain Irrigation Systems, NMDC.
Ex-Date Dividend: eClerx Services, Baid Finserv, UNO Minda, NMDC.
Record Date Dividend: Baid Finserv, UNO Minda.
Ex/Record Date Interim Dividend: Kama Holding.
Move Into Short-Term ASM Framework: Filatex India, Gokaldas Exports, Optiemus Infracom, BF Utilities.
Move Out Of Short-Term ASM Framework: GMR Power and Urban Infra, Heubach Colorants India, Jai Corp, Pennar Industries.
AGMs Today
5paisa Capital
Agi Greenpac
Aster DM Healthcare
Gland Pharma
Hindustan Aeronautics
HEG
IDFC First Bank
IIFL Securities
Indus Towers
Jubilant Ingrevia
Jubilant Pharmova
Monte Carlo Fashions
National Standard
NHPC
RailTel Corporation of India
Saregama India
Also Read: Billionaire Warren Buffett Turns 93
Who's Meeting Whom
Housing & Urban Development Corporation: To meet investors from August 31 to Sept. 1.
eMudhra: To meet investors from Sept 4 to Sept 19.
F&O Cues
Nifty August futures ended at 19,340.00, a premium of 2.90 points.
Nifty August futures fell 27.88%, with 41,407 shares in open interest.
Nifty Bank August futures ended at 44,189.90, a discount of 310.60 points.
Nifty Bank August futures fell 18.85% with 15,804 shares in open interest.
Securities in the ban period: Bharat Heavy Electricals, Indiabulls Housing Finance.
Money Market Update
Indian rupee closed 0.03% higher at 82.73 against the U.S. dollar on Wednesday.
Research Reports
Rishabh Instruments IPO - Investment Rationale, Issue Details, Financials, Key Concerns: HDFC Securities
Gillette India - Business Improving; Trend Reversal Offers Potentiality: Yes Securities Initiates Coverage
Mahindra Finance - Earnest Attempt At A Credible Transformation: Motilal Oswal
SKF India - Focus On Localisation To Boost Growth: ICICI Direct
Gokaldas Exports - A Compelling Strategic Acquisition: Systematix
Gillette India - Business Improving; Trend Reversal Offers Potentiality: Yes Securities Initiates Coverage
Zee-Sony – A Strong Force In The Making: Motilal Oswal
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